Berkadia Arranges Approximately $26M Refinance for Dual-Brand Hotel in Jacksonville, Florida
Jacksonville, Fla. (Oct. 26, 2023) – Berkadia Hotels & Hospitality announces it has arranged the refinancing of the leasehold interest in the Hilton Garden Inn-Homewood Suites Jacksonville Downtown Southbank, a 221-key, dual-brand hotel located in Jacksonville, Florida, one of the fastest growing MSA’s in the country. Managing Director Michael Weinberg, Associate Director Alec Fox and Senior Director Lindsey deButts of Berkadia Hotels & Hospitality secured the financing on behalf of Excel Group, a multi-disciplined hotel private equity firm focused on acquiring and developing premium-branded limited-service hotels.
A regional bank provided the five-year loan.
“Excel has significantly improved the property’s performance through operational efficiencies since acquisition in 2021,” said Weinberg. “This new bank loan will allow them to invest additional capital into the property which will drive property performance even further.”
Built in 2009, The Hilton Garden Inn-Homewood Suites Jacksonville Downtown Southbank is an 8-story hotel located at 1201 Kings Avenue. Hotel amenities include an outdoor pool, fitness center, an on-site restaurant, room service, meeting rooms, free Wi-Fi, and digital keys.
Situated within the vibrant Southbank submarket along the St. Johns River, the hotel is surrounded by 20.8 million square feet of office space within a 3-mile radius, close to the Downtown Jacksonville’s Sports & Entertainment district and adjacent to a dense medical cluster that hosts Baptist Medical Center, Wolfson Children’s Hospital, and the MD Anderson Cancer Center, and Nemours Specialty Care.